Gujarat Gas
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Gujarat Gas (GUJGASLTD) investor relations material

Gujarat Gas Q3 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 25/26 earnings summary21 Jan, 2026

Executive summary

  • Achieved record CNG volumes of 3.45 MMSCMD in Q3 FY26, up 11% YoY, with non-Gujarat areas growing 22% and Gujarat 9%.

  • Domestic customer base expanded to over 2.383 million, with 38,600 new connections in Q3 FY26.

  • Aggressive infrastructure expansion, including over 44,550 km of pipeline and 833 CNG stations, and expansion of the FDODO model.

  • Significant digital transformation initiatives, including ERP and SCADA upgrades.

  • Shareholders approved a major amalgamation and demerger scheme, with completion expected by April/May 2026.

Financial highlights

  • Q3 FY26 revenue from operations: ₹3,865.11 crore (standalone), with consolidated net profit after tax of ₹266.84 crore, up from ₹221.62 crore YoY.

  • Q3 FY26 EBITDA: ₹502 crore, a 14% increase YoY; nine-month EBITDA: ₹1,602 crore.

  • For 9M FY26, standalone net profit was ₹873.36 crore and consolidated net profit was ₹874.29 crore.

  • EBITDA margin per SCM improved to 6.52 from 5.04 YoY.

  • Basic and diluted EPS for Q3 FY26 stood at ₹3.86 (standalone) and ₹3.88 (consolidated).

Outlook and guidance

  • EBITDA margin guidance for FY26: 5.5–6.5 per SCM.

  • Double-digit CNG volume growth expected to continue in both Gujarat and non-Gujarat areas.

  • Capex guidance: ₹650–700 crore for FY26, with similar run rate expected in coming years.

  • Morbi industrial volumes expected to recover to 3–3.2 MMSCMD in Q4, with potential for further growth if price differential to propane narrows.

  • Scheme of Arrangement to reshape business structure, with new listings and business focus areas post-merger.

Revenue decline drivers for Q3 2025
Status of remaining scheme approvals
Impact of gas transmission business demerger
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